Pfizer has reached a $2.15 billion settlement with Teva Pharmaceutical Industries and Sun Pharmaceutical Industries after an almost 10- year dispute over the sale of generic Protonix in the US.

Pfizer will receive 64 per cent of the settlement while partner Takeda Pharmaceutical will get the rest, New York-based Pfizer said in a statement today.

Teva’s American depositary receipts fell 3 per cent to $38.94 at 7.58am in New York trading.

The drugmaker had gained 2.6 per cent in the past 12 months before today. Pfizer rose less than 1 per cent to $28.65.

Bloomberg